张兴华,张宇

• 1:北京大学光华管理学院

摘要(Abstract)：

发展直接融资,实现资源优化配置是建设高标准市场体系的应有之义。随着我国金融市场的发展,跨区域资本流动渠道日益多样化、复杂化,不同渠道的跨区域资本流动是否存在"卢卡斯悖论"?直接融资发展是否能够消解"卢卡斯悖论"现象,实现资源优化配置?本文从股市、债市、银行和财政四个细分渠道跨区域资本流动的视角出发,探究了直接融资发展对"卢卡斯悖论"的作用机制,发现直接融资的发展能够消解"卢卡斯悖论"现象,优化跨区域资本配置。具体而言,不同渠道的跨区域资本流动对"卢卡斯悖论"现象的贡献不同,从而导致了"卢卡斯悖论"现象随时间而动态变化,并且在不同地区呈现显著差异。股市、债市渠道资金与资本回报率正向流动,这一正向关系随时间显著增强,由此削弱了资本流动的"卢卡斯悖论"现象;银行、财政渠道资金与资本回报率逆向流动,存在资本流动的"卢卡斯悖论"现象,但这一反向关系随时间明显削弱。市场化程度更高的地区资本流动的"卢卡斯悖论"现象更弱,直接融资对"卢卡斯悖论"现象的消解作用更强。

关键词(KeyWords)： 直接融资;资本流动;卢卡斯悖论

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金面上项目“地方政府对当地企业投融资及资源配置的影响作用分析”(项目号:71872006)的资助

作者(Author): 张兴华,张宇

DOI: 10.16513/j.cnki.cje.20210713.001

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